Whale indicators show the new price direction of Bitcoin:

The selling pressure from whales on the exchange has eased, and the whale ratio on the exchange has fallen to the level last seen before Bitcoin's rebound in August.
The HODL range has expanded the holding period from 1 month to 2 years, indicating strong accumulation before a potential breakout.
The Bitcoin price must break through $117,600 and $119,700 to prepare for a new all-time high; if it falls below $111,800, it will be invalid.
Bitcoin's price has risen by 2.5% in the past 24 hours, trading close to $115,700, but still lagging behind Ethereum and other coins that have already surged to new highs.
Despite being nearly 7% lower than its peak, several key on-chain and technical signals indicate that a breakout is forming, similar to the rebound seen earlier this month.
Whale selling pressure is decreasing.
For several weeks, Bitcoin prices have lagged as whales have shifted capital to other assets, leading retail buyers to drive most of the gains.
This makes tracking whether the Whales have finally slowed down their sell-off crucial. The exchange Whale ratio measures the proportion of inflows from the top 10 to all inflows, providing this signal.
The ratio dropped from 0.54 on August 19 to 0.43 on August 22, reaching its lowest point in nearly two weeks. A similar decline occurred on August 10, when the ratio fell to 0.42. Before this change, Bitcoin rose from $119,305 to $124,000, an increase of approximately 3.9%.
If history repeats itself, the current setup could open the door for a similar upward continuation, potentially reaching new historical highs.
HODL wave points to accumulation
As selling pressure on Bitcoin eases, the next question is whether mid-term and long-term holders are increasing their positions. The HODL Waves indicator tracks the supply ratio of Bitcoin held for different ages.
In the past month, key groups have expanded their positions:
1y–2y wallet increased from 10.31% to 10.57%
The proportion of wallets holding 3m–6m increased from 6.40% to 7.19%.
1m–3m wallet increased from 6.99% to 8.93%
This large-scale accumulation during the volatility indicates confidence. Combined with lower Whale trading flows, the structure shows the market is preparing for a breakthrough in Bitcoin prices.
Bitcoin price level defines breakthrough path
Technical charts connect these signals. The current trading price of Bitcoin is slightly above the strong support level of $115,400. A key resistance level is at $117,600, while $119,700 is a critical trigger point for Bitcoin's price to break through, pushing it towards its all-time high or even beyond.
On the other hand, falling below $114,100, especially $111,900, will turn into a bearish trend in the short term.
If the exchange Whale ratio repeats the pattern of August 10, the Bitcoin price could rise nearly 4% from its current level. This would push the price above $119,000, directly entering the breakout zone.
From there, the stage will be set for another test of historical highs, validating the view that this rebound is delayed, rather than denied.
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